LONDON, Ont. – A new report suggests a surging U.S. economy will help Ontario exports realize growth of seven per cent this year and five per cent in 2015.
The report, from Export Development Canada, says the increase is being driven primarily by strong U.S. demand for industrial machinery.
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The EDC says those exports are projected to grow by 10 per cent this year and jump to 17 per cent in 2015, making it the biggest mover in Ontario’s economic forecast.
EDC chief economist Peter Hall says rising U.S. industrial output will also boost Ontario’s chemicals and plastics industry.
He predicts those sectors will grow by 12 per cent this year and five per cent in 2015.
Hall also says the auto sector – which accounted for 35 per cent of all Ontario exports in 2013 – should grow by eight per cent this year and another three per cent in 2015.
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